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Universal Credit and taking pension before retirement age to purchase a car for
- Jay07
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6 hours 51 minutes ago #312325 by Jay07
Universal Credit and taking pension before retirement age to purchase a car for was created by Jay07
Hi
I am 58 and disabled in receipt of Universal Credit and Personal Independence Payment due to mobility and pain.
I am trying to get back into work as a self employed taxi driver. To do this I was going to take a private pension I have as a cash lump sum. I was hoping to use this money to purchase a suitable vehicle for this job opportunity. I have tried in vain to get a definitive answer to how this would affect my Universal Credit claim. They seem to be unwilling to answer simple questions and send me cut and paste policy text which is ambiguous.
Has anybody been through this process who could provide me with advice. They state that this money would not usually affect my claim if I can prove it is justifiable. I’ve been on the receiving end of lies and deceit from DWP on numerous occasions and taking a leap of faith that all will be well is beyond me. Any advice of members lived experience would be greatly received.
Thanking you all in advance.
Jay
I am 58 and disabled in receipt of Universal Credit and Personal Independence Payment due to mobility and pain.
I am trying to get back into work as a self employed taxi driver. To do this I was going to take a private pension I have as a cash lump sum. I was hoping to use this money to purchase a suitable vehicle for this job opportunity. I have tried in vain to get a definitive answer to how this would affect my Universal Credit claim. They seem to be unwilling to answer simple questions and send me cut and paste policy text which is ambiguous.
Has anybody been through this process who could provide me with advice. They state that this money would not usually affect my claim if I can prove it is justifiable. I’ve been on the receiving end of lies and deceit from DWP on numerous occasions and taking a leap of faith that all will be well is beyond me. Any advice of members lived experience would be greatly received.
Thanking you all in advance.
Jay
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3 hours 36 minutes ago #312328 by David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by David on topic Universal Credit and taking pension before retirement age to purchase a car for
Hi Jay07
Your UC claim is divided up into monthly Assessment Periods. It is the capital that you have at the end of the monthly Assessment Period that is taken into account when administering your UC claim.
So if you organise your finances so that you receive the pension lump sum at the beginning of the UC Assessment Period and spend it on the car before the end of the Assessment Period then that money won't be considered for deductions ( excess capital ). You start getting deductions for total capital ( all savings and investments ) when the amount exceeds £6000 and your UC claim is closed in most cases when it exceeds £16k.
David
Your UC claim is divided up into monthly Assessment Periods. It is the capital that you have at the end of the monthly Assessment Period that is taken into account when administering your UC claim.
So if you organise your finances so that you receive the pension lump sum at the beginning of the UC Assessment Period and spend it on the car before the end of the Assessment Period then that money won't be considered for deductions ( excess capital ). You start getting deductions for total capital ( all savings and investments ) when the amount exceeds £6000 and your UC claim is closed in most cases when it exceeds £16k.
David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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